Near 7:00 pm ET on Sunday night in New York, the euro was down to
as low as 1.1112 against the US dollar, a new 11-year low for the
currency which was slammed last week after the European Central
Bank announced
a new quantitative easing program.

Closer to 9:30 pm ET, the euro had pared most of these initial
losses and was trading near 1.116 against the dollar.

Over the last six months, as eurozone inflation has tumbled and
economic growth has flagged in the economic bloc, the euro has
weakened significantly against the dollar in anticipation of
policy easing from the ECB.

Syriza leader Alexis Tsipras, who appears set to take the reins
as Greece's prime minister at just 40 years old, ran on a
platform of rejecting the austerity measures that were placed on
Greece during the eurozone crisis.

Following Syriza's victory, some have asked if this opens the
door for a "Grexit," or a move for Greece to leave the European
Union.

In a note to clients on Sunday night, Claus Vistesen at Pantheon
Macroeconomics wrote, "Our base case remains that Syriza will
make life difficult for the Troika, but also that the
risks of a Grexit remain low, even if Syriza is able to form a
majority government unconstrained by other parties."

But in immediate reaction to
Syriza's victory, the euro sold off as markets digest the
implications of Syriza's victory.